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Decisions Against Crypto

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Economist Peter Schiff has told Bitcoin investors to sell their holdings. Schiff continues to strongly oppose cryptocurrency which he believes has no intrinsic value. His most recent advice to investors comes just before Christmas, when the event sent the market into a frenzy.

Time to Sell Bitcoins

Taking to Twitter, Peter Schiff posted what he called a “Christmas gift” to bitcoin investors. The post followed BTC’s usual surgical technique, along with the graphics he used to back up his claims. The chart that shows the trend of digital assets in the last six months highlighted that the support level has become resistance.

Schiff said the chart shows “bitcoin is closer to its top than its bottom.” As such, he believes that nothing can make digital assets recover. Instead, he expects a decline and advises investors to sell because it is a “smart move”.

As expected, Schiff’s tweet was met with resistance from BTC investors. One of the key words under the announcement from an employee who said the Economist is telling people to sell is “a big buy signal from Peter Schiff.”

Another user posted a screenshot of one of Schiff’s tweets from 2018 where he warned that buying bitcoin at $3,800 is a bad idea. Three years after this tweet, BTC will hit a peak of $69,000, more than 15 times the price. Schiff warned investors not to buy it.

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Schiff and Crypto Principles

In another tweet, Schiff talks about the current climate around crypto values. Since the failure of FTX, the authorities have tried to regulate the crypto industry to make it safer for investors, but the Economist believes that all this is in vain. Also, Schiff asks investors to sell their cryptocurrencies because it’s the only way to stay safe.

Many say that the government should regulate #crypto so that people can be sure that their money will be safe. There is nothing the government can do to invest in crypto security. The only good thing you can do with crypto is sell it. But that only transfers your loss to someone else.

Nevertheless, there have been calls for proper regulation of crypto. Acting Governor of the Bank of England (BoE) Sir Jon Cunliffe told Sky News last week that the failure of FTX shows that crypto is “too dangerous” to be out of control. However, economist Stephen Cecchetti believes that supporting crypto through legislation will have a negative impact on the financial system.

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